Business
Erin Ventures - Project Funding Update
VICTORIA, BC / ACCESSWIRE / April 8, 2019 / Erin Ventures Inc. [TSXV: EV] announces (further...
About this update from Boron One Holdings Inc
[{"type":"text","content":"Erin Ventures - Project Funding UpdateVICTORIA, BC / ACCESSWIRE / April 8, 2019 / Erin Ventures Inc. [TSXV: EV] announces (further to its news release dated December 21, 2018) that InvestCo's funding option for the development of Erin's Piskanja boron project expired on April 1st unexercised, with InvestCo informing Erin that it is unable to exercise the option as a result of InvestCo's imminent internal corporate restructuring. However, the significant institutional investor which specializes in the mining sector (the \"Investor\") and was introduced by InvestCo as its potential co-investor for the Piskanja project in December, continues to be interested in funding the advancement of the Piskanja project, irrespective of InvestCo's inability to participate in the current funding.The Investor has been engaged in an investment decision protocol and due diligence process regarding the Piskanja project for the past 90 days. Erin expects this process to be completed in the near future, allowing for further details to be released.BackgroundErin announced in its news release dated June 18, 2018 that it had entered into a strategic partnership option agreement with a London based commodity investment specialist (the \"InvestCo\") for the continuing development of Erin's Piskanja Borate Project. Under the terms of the agreement, InvestCo had the right to make equity investments in two tranches, totaling USD $20.135 million, subject to TSX Venture Exchange and shareholder approval, with the proceeds to be used for the advancement of Piskanja towards production. Further, Erin announced on December 21, 2018 that it had agreed with InvestCo to extend the option exercise period of its Tranche 1 Financing Option (USD $5.135 million) until March 31, 2019, with all other terms in the strategic alliance agreement remaining unchanged, as InvestCo had introduced a significant potential co-investor to Erin's Piskanja project which required additional time to complete due diligence. [Please refer to Erin's complete news releases dated June 18, 2018 and December 21, 2018 for additional salient information]On behalf of the Board of Directors,Blake Fallis, General ManagerAbout Erin VenturesErin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Erin's share...